VAT
Kuwait: A Tax Oasis in a Sea of VAT, But for How Long?
Kuwait stands out in the Gulf Cooperation Council (GCC) for its lack of income taxes for individuals and companies wholly owned by Kuwaiti or other GCC nationals. This tax-free haven attracts businesses and boasts a high standard of living for its citizens. But with fluctuating oil prices, Kuwait is looking for new revenue streams. Enter […]
Navigating the Gulf: A Guide to VAT in UAE and Saudi Arabia
For businesses operating in the Middle East, understanding Value Added Tax (VAT) in both the United Arab Emirates (UAE) and Saudi Arabia is crucial. While both countries implemented VAT in 2018, key differences exist. Let’s delve into the specifics: VAT Rates: UAE: Boasts a standard rate of 5%, making it a relatively attractive market for businesses. Saudi […]
VAT in the GCC: Unpacking the Impact on Businesses and Beyond
The introduction of Value Added Tax (VAT) in the United Arab Emirates (UAE) and Saudi Arabia in 2018 sent ripples through their economies. Now, five years later, let’s examine the impact of VAT on businesses, trade, manufacturing, consumer behavior, and other key areas. Businesses: Compliance: Businesses had to adapt to new compliance processes, which initially brought challenges […]